![]() Warren makes are very, very accurate, and I agree with them," Frank said in the radio interview. Elizabeth Warren of Massachusetts, who publicly called out fellow Democrats who sided with Republicans in support of the bill. The bill is the culmination of negotiations between Crapo and moderate Democrats.įrank has criticized Sen. "While I share the view of many of the pro-reform Senate Democrats who have accepted this package that responding to the concerns of small and midsized banks has both substantive and political arguments in its favor, I believe that the price the Republican colleagues are demanding is too high," Frank wrote in the op-ed. "I think I was one of the first to make the complaint about making it harder to get data on racial discrimination in housing, under what we call HMDA," Frank said.Įarlier this month, Frank wrote an op-ed for CNBC in which he more clearly highlighted his own criticism of the Senate reg relief bill. The change would exempt roughly 3,700 depository institutions, or 66% of all banks, from requirements to collect and report expanded HMDA data, according to the Federal Reserve. Dodd-Frank originally required all institutions that originated just 25 home loans to report HMDA data. Yet Frank suggested he agrees with criticism about a provision in the Crapo bill that would give small banks an exemption from providing data that is meant to protect borrowers from racial discrimination in housing.īanks that originate less than 500 open-ended and 500 closed-end mortgages would be exempt from the Home Mortgage Disclosure Act. "They're not weakening the rules about derivatives, they're not weakening the rules on mortgages being packaged into a security," he said. "The banks that are between $50 billion and $250 billion, it will give them a better chance of competing with the biggest banks," Frank said.īut most of the regulatory regime set in place by Dodd-Frank will remain intact, he said. He said the changes to Dodd-Frank will "only marginally" boost the economy by easing regulations on midsize and regional banks. "The bill does allow the regulators that do the extra scrutiny to reach a bank that has less than $250 billion in assets if they think they should." "I think that is a misreading," of the bill, Frank said. He noted that he "greatly disagreed" with criticism by other Democrats that the regulatory relief bill would lead to another financial crisis. Frank said he supports two main changes to Dodd-Frank, in particular, as proposed in the Crapo bill: relaxing compliance rules for financial institutions under $10 billion and raising the asset threshold for "systemically important" financial institutions to $250 billion from $50 billion.
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